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Studies consistently show that the average investor underperforms the market. So, what sets high-net-worth individuals and business owners apart in their ability to consistently grow their portfolios?

The Myth  of the Disciplined Investor

Canada's main stock index pulled back on Friday from a record high, weighed by declines for mining shares.

TSX Pares Weekly Gain as Mining Shares Drop | Reuters

How do you plan for the long term when the landscape keeps shifting? This article recaps key insights from a recent discussion in Victoria on strategy, diversification, and navigating uncertainty.

Strategic Growth and Steady Planning in Victoria

Markets rebounded sharply in May, but underlying sentiment remains cautious amid rising bond yields, policy uncertainty, and shifting global capital flows. Investors are watching closely as U.S. fiscal risks, currency dynamics, and conflicting economic signals complicate the path forward.

May Market Commentary | Markets Rise, But Questions Multiply

Markets are facing a rare convergence of risks: rising tariffs, shifting trade alliances, unsustainable debt levels, and evolving tax rules. At Nicola Wealth’s Strategic Insights event in Vancouver, Chairman and CEO John Nicola shared his perspective on what these developments could mean for investors.

Beyond the Outlook: What We’re Watching Now

John Nicola breaks down Section 899 in the latest U.S. budget and examines what it could mean for Canadians and other foreign investors with U.S. holdings

A Spanner in the Works – Section 899

Canada's main stock index is set to largely consolidate its recent gains through the rest of 2025 and could be at risk of another correction as the domestic economy shows signs of a slowdown due to U.S. tariffs.

TSX’s Gains Set to Slow as Trade War Hits Canada’s Economy | Reuters

Markets are roaring back, but they also did in 1930. This article explores the cautionary signs behind the recent market surge and how high-net-worth investors can preserve and grow capital through tactical diversification and reliable income; principles Nicola Wealth has long supported.

Dead Cat Bounce or Real Recovery? Lessons from 1930

Markets swung sharply in April as new tariffs rattled investors and global dynamics shifted. The S&P 500 dropped nearly 19% before rebounding, but U.S. stocks still lagged global peers by the widest margin in decades. Mixed economic signals and rising recession odds have fueled uncertainty, while renewed tensions with China highlight the need for global economic rebalancing.

April Market Commentary | Rebound or Reset?

Canada's main stock index ended lower on Thursday as gold mining shares fell, but the index stayed in reach of a recent four-week high as investors weighed prospects of fiscal spending and welcomed recent calming of global trade tensions.

TSX Ends Lower as Metal Mining Shares Fall | Reuters

Outlook 2025 features insights from Nicola Wealth’s professional asset management and planning teams to help you make informed decisions with clarity and confidence.

Defense by Design: Nicola Wealth Outlook 2025 

Financial markets were volatile in March. President Trump’s tariff announcements triggered sharp swings in equity prices, leaving investors cautious and uncertain about the path forward. Despite rising tariff troubles, international markets were resilient and outperformed their U.S. peers. Investors now stand at a critical junction, and they must assess whether the current volatility denotes a temporary correction or suggests deeper economic challenges ahead.

March Market Commentary | Tariff Turbulence: Navigating Market Uncertainty

Chief Economist Rob Edel discusses the risks of rising stagflation and the unravelling of U.S. exceptionalism, highlighting the potential economic challenges ahead and what they mean for global markets. 

February Market Commentary: Unwinding U.S. Exceptionalism & Stagflation Risk

See the individual investment pool performance and updates for the Nicola Wealth funds in February 2025.

Close up pen on paperwork and woman hand calculate finance.

Nicola Wealth Investment Returns: February 2025

John Nicola aims to objectively analyze what Trump is trying to accomplish with tariffs, the economic implications of his policies, and how they may impact markets. 

Navigating the Trump Era: Economic Realities and Investment Strategies

Stocks fall as tariffs raise recession fears.

US-Canada Tit-for-Tat Tariffs Rattling Markets | Morningstar

Bond investors are getting a little more concerned about the outlook for automakers that could see their bottom lines hit by U.S. tariffs.

American Carmakers Face Credit Pressure as Trump’s Tariffs Near | Bloomberg

See the individual investment pool performance and updates for the Nicola Wealth funds in January 2025.

Nicola Wealth Investment Returns: January 2025

Despite December's downturn, January delivered strong global returns and bullish sentiment. Chief Economist Rob Edel analyzes rising bond yields, Trump policy risks, and why U.S. market leadership persists in 2025.

January Market Commentary: Bulls, Bonds & Political Risks

Diversification can be the difference between a temporary setback and a lost decade when bubbles burst.

Suffering Market Anxiety? Here's Why Diversification Matters | Financial Post

Amid rising trade tensions, Canadian investors seek stability in gold, essential commodities, and opportunities from currency shifts and market volatility.

Canadian Investors Add Gold, Uranium Stocks as Trade War Risk Grows | Reuters

Despite December’s downturn, Chief Economist Rob Edel highlights why 2025's outlook remains cautiously optimistic.

Market Commentary: Power Shifts & Pivot Points

See the individual investment pool performance and updates for the Nicola Wealth funds in December 2024.

Nicola Wealth Investment Returns: December 2024

An employment boom south of the border and trade uncertainty remain headwinds for the loonie.

Strong Jobs Report Not Enough to Brighten the Canadian Dollar’s Outlook | Morningstar

Freeland’s resignation is a reminder of how political events can quickly influence market dynamics.

Chrystia Freeland’s Resignation and the Looming Tariff Threat

Chief Economist Rob Edel examines U.S. stock dominance versus global performance as investors continue to weigh opportunities against elevated valuations.

Market Commentary: November 2024

A broader perspective can reveal that market leaders are not always the most obvious equity choices.

Hidden in Plain Sight: Uncovering Equity Potential Amid Market Volatility

See the individual investment pool performance and updates for the Nicola Wealth funds in October 2024.

Nicola Wealth Investment Returns: October 2024

In this episode of The Wealth Exchange, Ben Jang, Portfolio Manager in the Nicola Wealth Public Assets Group, is joined once again by Ed Mills, Managing Director and Washington Policy Analyst at Raymond James.  

Investing Matters: U.S. Policy Shifts and Market Impacts with Ed Mills

Chief Economist, Rob Edel, explores how rising bond yields, market volatility, and investor sentiment are shaping U.S. equities, credit markets, and inflation expectations post-election in his October Market Commentary.

Market Commentary: October 2024

Canada's commodity-linked main stock index ended lower on Wednesday as investors took profit in high-flying metal mining shares and weighed the potential for a weaker Canadian dollar to revive inflation.

TSX Posts Seventh Decline in Eight Days on Profit Taking | Reuters

Further weakness in jobs data could have wide-ranging implications for Canada’s economy, markets, and currency.

Canada’s Unemployment Rate Forecast to Climb in October Reversal | Morningstar

See the individual Investment Pool Performance for the Nicola Wealth funds in September 2024.

Nicola Wealth Investment Returns: September 2024

Chief Economist Rob Edel offers insights into the strong performance of stocks and bonds in September, key factors influencing market sentiment, and the upcoming U.S. presidential election.

Market Commentary: September 2024

John Nicola provides insight into historical and modern market bubbles, investor behavior, and the impact of irrational investment decisions on today's markets.

The Madness of Crowds

See the individual Investment Pool Performance for the Nicola Wealth funds in August 2024.

Nicola Wealth Investment Returns: August 2024

Chief Economist Rob Edel offers insights into recent market trends, key economic indicators, investor sentiment, stock performance, market rotation, and the overall economic outlook.

Market Commentary: August 2024

Canada's main stock index pulled back from a record high on Thursday as Toronto-Dominion Bank reported its first loss in over two decades and a railroad stoppage threatened to disrupt the domestic economy. 

Toronto Market Ends Lower as Rail Stoppage Threatens Economy | Reuters

Portfolio Manager, Ryan Watson, explores the dilemma faced when making a contrarian call, and the need for conviction when choosing to swim against the current.

Contrarian Calls Can Have Big Payoffs: How We Make It Work

See the individual Investment Pool Performance for the Nicola Wealth funds in July 2024.

Nicola Wealth Investment Returns: July 2024

Chief Economist Rob Edel provides insights into recent market trends, key economic indicators, and the potential impacts of a presidential shift.

Market Commentary: July 2024

Discover how changing interest rates and strategic portfolio adjustments create new investment opportunities in the evolving economic landscape.

Here Comes the Sun

See the individual Investment Pool Performance for the Nicola Wealth funds in June 2024.

Nicola Wealth Investment Returns: June 2024

Chief Economist Rob Edel highlights strong market gains driven by top tech stocks, recent volatility, and concerns about sustainability amid economic and political factors.

Market Commentary: June 2024

Canada's main stock index slid on Wednesday, hurt by rise in yields after receding July bets for an interest-rate cut by the Bank of Canada, but gains in materials shares kept the losses in check.

Toronto Stocks Extend Losses as Yields Jump | Reuters

See the individual Investment Pool Performance for the Nicola Wealth funds in May 2024.

Nicola Wealth Investment Returns: May 2024

From tech sector dominance and economic indicators to political influences and international economic considerations. Gain insights into market performance, investor sentiment, and the upcoming U.S. presidential election's potential impact on global markets.

Market Commentary: May 2024

Public Assets Portfolio Manager Ben Jang comments on the Bank of Canada’s decision to lower its key interest rate to 4.75%, the first cut in four years.

Bank of Canada building on Canada's Parliament Hill

Canada’s Recent Rate Cut and The Path Forward

See the individual Investment Pool Performance for the Nicola Wealth funds in April 2024.

Nicola Wealth Investment Returns: April 2024

Global tensions and inflation speculation jolt markets, prompting a reevaluation of economic and fiscal strategies.

Market Commentary: April 2024 

Fueled by a product mix that leans towards lower-cost items, the convenience retail market has demonstrated resilience during economic downturns, as customers opt for more economical choices.

Finding Quality and Value in the Convenience Store Industry

See the individual Investment Pool Performance for the Nicola Wealth funds in March 2024.

Nicola Wealth Investment Returns: March 2024

As the stock market faces turbulence to begin the month of April, it's worth reflecting on the recent bullish trend of the first quarter. 

Market Commentary: March 2024

Discussing the opportunities and challenges within the biopharmaceutical industry, focusing on identifying undervalued companies and assessing the factors affecting their valuation.

Identifying Select Opportunities in Branded Biopharmaceuticals

Watch Nicola Wealth's Strategic Outlook 2024 Presentation.

EVENT REPLAY: Strategic Outlook 2024

Highlighting the importance of grasping the implications of the "house advantage" in investing, advocating for a cautious approach focused on quality, value, diversification, rigorous analysis, and a long-term perspective.

The House Always Wins

Addressing the 'impressive yet unsettling' performance of the index.

Should You Be Concerned by the Concentration of the S&P 500? | Wealth Professional

See the individual Investment Pool Performance for the Nicola Wealth funds in February 2024.

Nicola Wealth Investment Returns: February 2024

While the market rally presents opportunities, investors should remain cautious, considering the challenges and uncertainties ahead.

Market Commentary: February 2024

Explore key insights shared at Nicola Wealth's 2024 Strategic Outlook event, showcasing the challenges and opportunities in today's investment landscape.

Navigating Complexity: A Catalyst for Growth

See the individual Investment Pool Performance for the Nicola Wealth funds in January 2024.

Nicola Wealth Investment Returns - January 2024

Market Commentary: January 2024

TSX adds to recent gains as IMF feeds soft landing hopes | Reuters

Market Commentary: December 2023

See the individual Investment Pool Performance for the Nicola Wealth funds in December 2023.

Nicola Wealth Investment Returns - December 2023

John Nicola unravels the intricate trends that suggest the landscape of public market investing may not be as straightforward as recent performance implies. 

Strategic Investing: A Smoother Path to Wealth and Higher Returns

Market Commentary: November 2023

See the individual Investment Pool Performance for the Nicola Wealth funds in November 2023.

Nicola Wealth Investment Returns - November 2023

Canada's main stock index is set to rise less than previously thought over the coming year as a slowdown in the global economy weighs on the outlook for corporate earnings, with investors favoring value over growth stocks, a Reuters poll found.

Poll-Analysts Clip Toronto Market Forecasts, Favor Value Stocks | Reuters

Market Commentary: October 2023

See the individual Investment Pool Performance for the Nicola Wealth funds in October 2023.

Nicola Wealth Investment Returns - October 2023

Rising interest rates are impacting the value of companies with increasing dividends, presenting opportunities for investors and emphasizing the importance of dividends for total returns in a changing market.

Cash Flow Is Still King

Market Commentary: September 2023

Click below to see individual Investment Pool Performance for the Nicola Wealth funds in September 2023.

Nicola Wealth Investment Returns - September 2023

Learn about the impact of rising interest rates, market dynamics, and strategies for safeguarding your portfolio.

Bondageddon?

Public Assets Portfolio Manager, Russil Lea, delves into the intriguing dynamics of real estate investments within the Canadian market, particularly the disparities between publicly traded (REITs) and their private market counterparts.

Exploring Real Estate Investment Dynamics: Public vs. Private Markets

In this cautionary tale, John Nicola, Chairman and CEO of Nicola Wealth, explores the story of seven mega-cap technology giants in the U.S. market, aptly referred to as the "Magnificent Seven."

Revenge of the Nerds and The Magnificent Seven

Market Commentary: August 2023

Click below to see individual Investment Pool Performance for the Nicola Wealth funds in August 2023.

Nicola Wealth Investment Returns - August 2023

Portfolio Manager, Ryan Watson, explains how scarcity challenges drive investments in sustainable solutions and companies like Stantec and H2O Innovation.

Addressing Water Scarcity: Investment Opportunities in Water Solutions

Click below to see individual Investment Pool Performance for the Nicola Wealth funds in July 2023.

Nicola Wealth Investment Returns - July 2023

Market Commentary: July 2023

Nicola Wealth Investment Returns - June 2023

Market Commentary: June 2023

Carbon Capture: Enabling the Transition to Sustainable Energy

Nicola Wealth Management (asset management) May 2023 Market and Firm Performance

Nicola Wealth Investment Returns - May 2023

May 2023 Canadian and USA market commentary economy by Rob Edel

Market Commentary: May 2023

LRCNs represent about 25 per cent of the subordinated capital market, 'displacing traditional preferred shares in the process,' according to a report.

Bond volitility opportunities for wealth advisors and wealth managers in Canada and USA From Nicola Wealth

Portfolio Managers Turn to LRCNs for Attractive Yields Despite Greater Volatility | Globe & Mail

Bank of Canada Interest rates by Nicola Wealth Management

Bank of Canada's Rate Hike Signals Prolonged Era of Higher Interest Rates

Market Commentary: April 2023

Nicola Wealth Management (asset management) April 2023 Market and Firm Performance

Nicola Wealth Investment Returns - April 2023

Investing Matters: Q1 2023 Market Commentary

4 Things to Know: Q1 2023

Understanding Opportunities in Global Small-Cap Equities

Market Commentary: March 2023

Nicola Wealth Investment Returns – March 2023

Investing in the Energy Transition: An APD Case Study

Investing Matters: SVB and Credit Suisse's Collapse and a Look at the Bank-Run Compared to 2008

Nicola Wealth Public Assets Performance Webcast

Market Commentary: February 2023

Insight and updates on the markets, including activity, trends, and opportunities from our experienced team of professionals.

Nicola Wealth Management Public asset strategies

Public Assets

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The content of this site is intended for U.S. residents. Please note that Nicola Wealth investments funds are generally not offered to U.S. residents at the present time. As such, the contents of this website should not be construed as as an offer of any of Nicola Wealth’s investments funds to U.S. residents. Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.

Before proceeding, please confirm if you are an accredited investor by checking the box above. Accredited investors are individuals with a net worth of more than $1 million, excluding the value of their primary residence, or individuals with income of more than $200,000 (or joint income of $300,000 for married couples) per year for the past two years, with a reasonable expectation that such income levels will be attained in the current year.
 
Accredited investors also include certain institutions, including U.S. banks and U.S. branches of foreign banks, U.S. savings and loans associations, U.S. insurance companies, U.S. registered brokers and dealers, U.S. registered investment companies and business development companies (as defined by the U.S. Investment Company Act of 1940).
 
Additionally, certain state pension funds and ERISA plans with more than $5 million total assets and certain partnerships, corporations, and trusts with more than $5 million total assets are also considered.


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